{"id":6676,"date":"2022-06-02T12:20:46","date_gmt":"2022-06-02T16:20:46","guid":{"rendered":"https:\/\/housesigma.com\/blog-en\/?p=6676"},"modified":"2022-07-04T12:18:06","modified_gmt":"2022-07-04T16:18:06","slug":"greater-vancouver-may-2022","status":"publish","type":"post","link":"https:\/\/housesigma.com\/blog-en\/greater-vancouver-may-2022\/","title":{"rendered":"Full Effect of Rising Rates Hitting Metro Vancouver Cities"},"content":{"rendered":"\n<p>Bank of Canada just raised its overnight lending rate by 0.5%, bringing it to 1.5%. This is the third hike this year. The first one occurred in March, which upped the pandemic-low Overnight Lending Rate from 0.25% to 0.5%. Then, another hike in April raised it to 1%.&nbsp;<\/p>\n\n\n\n<p>Many buyers had already locked in a lower rate at the beginning of the year. Today\u2019s data is giving us a wider glance at the full effect of rising rates on BC\u2019s real estate market.<\/p>\n\n\n\n<p>Here are highlights from the latest real estate data compiled by HouseSigma (as of June 1st):<\/p>\n\n\n\n<p><strong>New Westminster (<mark style=\"background-color:rgba(0, 0, 0, 0);color:#f70000\" class=\"has-inline-color\">-14.71<\/mark><\/strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#f70000\" class=\"has-inline-color\"><strong>%<\/strong><\/mark><strong>) and Port Moody (<mark style=\"background-color:rgba(0, 0, 0, 0);color:#ff0000\" class=\"has-inline-color\">-11.48<\/mark><mark style=\"background-color:rgba(0, 0, 0, 0);color:#f70000\" class=\"has-inline-color\"><strong>%<\/strong><\/mark>) join Surrey (<mark style=\"background-color:rgba(0, 0, 0, 0);color:#ff0000\" class=\"has-inline-color\">-14.21<\/mark><mark style=\"background-color:rgba(0, 0, 0, 0);color:#f70000\" class=\"has-inline-color\"><strong>%<\/strong><\/mark>), Maple Ridge (<mark style=\"background-color:rgba(0, 0, 0, 0);color:#ff0000\" class=\"has-inline-color\">-14.84<\/mark><mark style=\"background-color:rgba(0, 0, 0, 0);color:#f70000\" class=\"has-inline-color\"><strong>%<\/strong><\/mark>), and Langley (<mark style=\"background-color:rgba(0, 0, 0, 0);color:#ff0000\" class=\"has-inline-color\">-12.00<\/mark><mark style=\"background-color:rgba(0, 0, 0, 0);color:#f70000\" class=\"has-inline-color\"><strong>%<\/strong><\/mark>) in experiencing double-digit dips in median detached home prices.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"733\" height=\"1440\" src=\"https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Price_Detached_MapTable-733x1440.png\" alt=\"\" class=\"wp-image-6699\" srcset=\"https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Price_Detached_MapTable-733x1440.png 733w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Price_Detached_MapTable-305x600.png 305w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Price_Detached_MapTable-768x1509.png 768w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Price_Detached_MapTable-782x1536.png 782w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Price_Detached_MapTable-1042x2048.png 1042w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Price_Detached_MapTable.png 1440w\" sizes=\"(max-width: 733px) 100vw, 733px\" \/><\/figure>\n\n\n\n<p>&#8220;We&#8217;re now starting to see the full effect of rising interest rates on buyers and sellers&#8217; habits,\u201d says Hao Li, a broker with HouseSigma.&nbsp; \u201cThese double digit dips in detached home averages in areas like Surrey and Maple Ridge highlight the pullback that&#8217;s happening in BC&#8217;s market.\u201d<\/p>\n\n\n\n<p><strong>The median sold price of all property types in Greater Vancouver for May stands at $922K, which is <mark style=\"background-color:rgba(0, 0, 0, 0);color:#ff0000\" class=\"has-inline-color\">down 12.11%<\/mark> since February.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1309\" height=\"1440\" data-id=\"6689\"  src=\"https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Sold_Price_Chart-1-1309x1440.png\" alt=\"\" class=\"wp-image-6689\" srcset=\"https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Sold_Price_Chart-1-1309x1440.png 1309w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Sold_Price_Chart-1-545x600.png 545w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Sold_Price_Chart-1-768x845.png 768w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Sold_Price_Chart-1-1396x1536.png 1396w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Median_Sold_Price_Chart-1.png 1440w\" sizes=\"(max-width: 1309px) 100vw, 1309px\" \/><\/figure>\n<\/figure>\n\n\n\n<p>Listings are also sitting on the market longer. In May, the average was 32 days. Back in February, before BoC started raising rates, listings were on the market an average of just 9 days. That means listings are sitting 71.9% longer.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1309\" height=\"1440\" src=\"https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Terminated_Listings_Chart-1309x1440.png\" alt=\"\" class=\"wp-image-6690\" srcset=\"https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Terminated_Listings_Chart-1309x1440.png 1309w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Terminated_Listings_Chart-545x600.png 545w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Terminated_Listings_Chart-768x845.png 768w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Terminated_Listings_Chart-1396x1536.png 1396w, https:\/\/housesigma.com\/blog-en\/wp-content\/uploads\/2022\/06\/BC_May_Terminated_Listings_Chart.png 1440w\" sizes=\"(max-width: 1309px) 100vw, 1309px\" \/><\/figure>\n\n\n\n<p>\u201cThis is an indication that buyers are taking their time, and no longer feel rushed into buying a property,\u201d says Hao Li, a broker with HouseSigma. \u201cThey\u2019re realizing that if they wait, they may either see a drop in price, or find a property that ticks off more boxes.\u201d<\/p>\n\n\n\n<p>\u201cAn increasing number of listings are being terminated, meaning they haven\u2019t sold during a specified time,\u201d says Li.<\/p>\n\n\n\n<p>\u201cThere are a few reasons why a listing gets terminated. One reason is the \u2018offer day\u2019 scenario. If the seller doesn\u2019t get an attractive offer that day, the listing will get terminated then relisted as a new listing to once again attract new potential buyers. The seller\u2019s agent may then decide to relist the property. Another reason for a termination is simply that the seller has decided to remove the property from the market, maybe because it has sat too long, or maybe because the seller wants to wait for the market to improve.\u201d<\/p>\n\n\n\n<p>\u201cBuyers scrambled to find a property during the pandemic, raising prices at a pace we&#8217;ve never seen before. Since the Bank of Canada started raising rates, buyers have steadily taken a more &#8216;wait-and-see&#8217; approach to buying a home, and sellers have had to adjust their sale price expectations.&#8221;<\/p>\n\n\n\n<p>The Bank of Canada has hinted that it could\u00a0<a href=\"https:\/\/www.theglobeandmail.com\/business\/economy\/article-bank-of-canada-interest-rate-hike-paul-beaudry-speech\/\" target=\"_blank\" rel=\"noreferrer noopener\">raise rates to 3%<\/a>\u00a0or more to target the country&#8217;s rising inflation.<strong>\u00a0<a href=\"https:\/\/housesigma.com\/web\/en\/registration\" target=\"_blank\" rel=\"noreferrer noopener\">Sign up<\/a>\u00a0to HouseSigma to get real-time data on real estate and keep track of how rising rates are affecting the market<\/strong>. You can count on HouseSigma&#8217;s proprietary AI to compile the most up-to-date estimates on home values, market trends, and investor reports<\/p>\n\n\n\n<div class=\"wp-block-columns\">\n<div class=\"wp-block-column\" style=\"flex-basis:50%\">\n<figure class=\"wp-block-image is-resized\"><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.housesigma.android\"><img loading=\"lazy\" src=\"https:\/\/freeiconshop.com\/wp-content\/uploads\/edd\/google-play-badge.png\" alt=\"Get it on Play Store Button\" width=\"192\" height=\"192\"\/><\/a><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column\" style=\"flex-basis:50%\">\n<figure class=\"wp-block-image is-resized\"><a href=\"https:\/\/apps.apple.com\/ca\/app\/housesigma-canada-real-estate\/id1255490256\"><img loading=\"lazy\" src=\"https:\/\/freeiconshop.com\/wp-content\/uploads\/edd\/app-store-badge-128x128.png\" alt=\"Available on App Store Button\" width=\"192\" height=\"192\"\/><\/a><\/figure>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Canada just raised its overnight lending rate to 1.5%, and our data shows that the Metro Vancouver cities are feeling the full effect of the rising rates. <\/p>\n","protected":false},"author":7,"featured_media":6697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-centered.php","format":"standard","meta":{"cybocfi_hide_featured_image":""},"categories":[46,1],"tags":[42,43,34,48,39,44,38,40],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - 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